What’s the difference between a bank deposit and a wire deposit?

A bank deposit is the broad term for money credited into a bank account. A wire deposit is one specific type: a transfer sent via a network such as SWIFT, which routes the payment directly between banks. The result in both cases is money appearing in the recipient’s account, but the route it takes and the associated fees differ. Remitly’s guide to wire vs. ACH transfers explains how each works and when one might suit a specific need better than the other.

What happens if a bank deposit doesn’t arrive?

Common causes include incorrect account details, a hold placed by the receiving bank, or a processing delay in the payment network. The first step is checking the transfer status through the service used to send the money. If the transfer shows as completed on the sender’s side but the funds haven’t arrived, the recipient should contact their bank directly, since the incoming payment may be pending or waiting for a compliance check.

Can money be deposited into a savings account internationally?

In most cases, yes. Both checking and savings accounts are deposit accounts that can typically receive incoming international transfers, as long as the account number and any required identifiers are accurate. Confirming with a recipient which type of account they hold, and whether their bank accepts incoming international deposits to it, is worth doing in advance.

Does the type of bank deposit affect the cost?

It can. A wire deposit and an ACH deposit are processed differently, and that difference sometimes carries a different fee, since wire transfers are processed individually and can cost more to route than a batch-processed ACH deposit. Checking which specific method a provider is using, rather than assuming all bank deposits are priced the same, gives a clearer picture of total cost.

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Bank deposit: what it means for international transfers

Key takeaways
- A bank deposit is money placed directly into a recipient’s bank account, a widely used way to receive an international transfer.
- When a bank deposit is chosen as a delivery method, the money goes straight to the account without the recipient needing to go anywhere to collect it.
- Timing depends on factors like the payment network used, the destination country, and the receiving bank’s own processing rules.
- The sender typically needs the recipient’s account number, routing number, or IBAN; the exact details vary by country.
- Banking systems work differently around the world, so what a sender is used to at home may not match what a recipient’s bank expects.

If you’re about to send money internationally and want it to go directly into your recipient’s bank account, here’s exactly what a bank deposit means and what you need to know before you send.

A bank deposit is money credited directly into a bank account. When it’s the delivery method for an international money transfer, the funds travel from the sender’s end and land in the recipient’s account, with no collection point, agent location, or waiting in line. For many families sending money abroad, it’s a dependable option, provided the recipient has a bank account in their name.

Banking doesn’t work the same everywhere, though. The account details a recipient needs to provide, the time it takes for money to arrive, and how the deposit is labeled on a bank statement can all vary by country and institution.

What is a bank deposit?

A bank deposit is money credited directly into a bank account. In the context of an international money transfer, it’s a delivery method: the funds sent by one person are received by another as a deposit into their checking or savings account. The FDIC describes deposit accounts⁠(opens in new window) as financial accounts held at banks or credit unions that allow money to be placed in and withdrawn as needed. The term also covers a few related labels a recipient might see on a bank statement, including direct deposit, wire deposit, ACH deposit, or simply a bank credit.

How bank deposits work step by step

When a bank deposit is selected as the delivery method for an international transfer, the process moves through several stages before funds appear in the recipient’s account.

The sender starts the transfer and selects bank deposit as the delivery method. This is done through a transfer service, a bank, or an app. The sender enters how much to send and confirms that the money should be deposited directly into the recipient’s bank account.
The sender provides the recipient’s bank details. This is where the process can feel unfamiliar, especially for someone new to banking in their country of residence, or if the recipient’s home country uses a different system.
The transfer is processed through a payment network. The money moves through a network, such as the ACH system, the SWIFT network, or a local clearing system in the recipient’s country. These networks are the infrastructure that connect banks to each other across borders.
The receiving bank credits the account. Once funds arrive at the recipient’s bank, the institution processes the incoming payment and adds the money to the account balance.
The recipient is notified and can access the funds. When an incoming deposit is processed, the recipient’s bank typically notifies them according to their notification settings. Depending on the bank’s rules, there may be a short hold before the full amount is available, and notification methods vary by institution and country.

Common bank details required by country

Not every country uses the same format:

Country or region	Details typically required
United States	Account number and routing number
Europe	IBAN and SWIFT or BIC code
Mexico	18-digit CLABE number
India	IFSC code and account number
United Kingdom	Sort code and account number

When in doubt, a recipient can find the correct details on their bank statement or by contacting their bank directly. Getting these details correct before a transfer is sent matters, since errors in account information can cause delays or result in the transfer being returned. The Federal Reserve’s overview of payment systems⁠(opens in new window) provides further context on how different networks handle these transfers.

How a bank deposit affects what your recipient actually receives

When bank deposit is the delivery method for an international transfer, the amount that lands in the recipient’s account may differ slightly from the amount sent. The exchange rate⁠(opens in new window) applied at the time of the transfer determines how much of the sender’s currency converts into the recipient’s local currency. Separately, some receiving banks apply their own processing charges on incoming international transfers, charges that neither the sender nor the transfer service controls, sometimes called incoming wire fees or processing fees.

Timing also varies. Some international bank deposits arrive within a few hours, while others take several business days, depending on the payment method and destination country. Delivery times depend on the payment network used, the destination country, and the receiving bank’s processing schedule.

For recipients who are new to having a bank account, it’s worth knowing that some banks place a temporary hold on incoming international deposits while they verify the transfer. This is a standard compliance procedure, not a sign that anything has gone wrong.

Transfer speed is an estimate depending on payment and delivery method, transaction review, and system availability. Fees and exchange rates vary by amount, destination, and delivery method, and are subject to change.

Bank deposit and international money transfers

Bank deposit is a familiar concept in most countries, but what it looks like in practice depends heavily on where the recipient is banking. Banking systems vary significantly by region: what the U.S. calls a “routing number,” the U.K. calls a “sort code,” and what Europe calls an IBAN, the U.S. doesn’t use at all. Knowing which system a recipient’s bank uses, and collecting those details before initiating the transfer, avoids delays that are difficult to reverse once a transfer is in motion.

If a recipient doesn’t yet have a bank account, a bank deposit delivery method won’t be possible until one is opened. In many countries this doesn’t require citizenship, typically just a valid form of identification and proof of address. Remitly’s guide to opening a U.S. bank account⁠(opens in new window) explains what’s typically needed to get started with banking in the U.S.

There’s also an important distinction between the types of bank deposit used in international transfers. A wire deposit travels through the SWIFT network and is processed individually, while an ACH deposit is processed in batches through the Automated Clearing House network. Both result in a bank deposit, but the processing method, timing, and any associated fees can differ. Remitly’s guide to wire vs. ACH transfers⁠(opens in new window) covers these differences in more depth.

Common questions about bank deposits

What’s the difference between a bank deposit and a wire deposit?

A bank deposit is the broad term for money credited into a bank account. A wire deposit is one specific type: a transfer sent via a network such as SWIFT, which routes the payment directly between banks. The result in both cases is money appearing in the recipient’s account, but the route it takes and the associated fees differ. Remitly’s guide to wire vs. ACH transfers⁠(opens in new window) explains how each works and when one might suit a specific need better than the other.
What happens if a bank deposit doesn’t arrive?

Common causes include incorrect account details, a hold placed by the receiving bank, or a processing delay in the payment network. The first step is checking the transfer status⁠(opens in new window) through the service used to send the money. If the transfer shows as completed on the sender’s side but the funds haven’t arrived, the recipient should contact their bank directly, since the incoming payment may be pending or waiting for a compliance check.
Can money be deposited into a savings account internationally?

In most cases, yes. Both checking and savings accounts are deposit accounts that can typically receive incoming international transfers, as long as the account number and any required identifiers are accurate. Confirming with a recipient which type of account they hold, and whether their bank accepts incoming international deposits to it, is worth doing in advance.
Does the type of bank deposit affect the cost?

It can. A wire deposit and an ACH deposit are processed differently, and that difference sometimes carries a different fee, since wire transfers are processed individually and can cost more to route than a batch-processed ACH deposit. Checking which specific method a provider is using, rather than assuming all bank deposits are priced the same, gives a clearer picture of total cost.

In Summary

A bank deposit is a direct, dependable way to receive money sent from abroad. Once the sender has the recipient’s correct account details and selects bank deposit as the delivery method, the funds travel through the relevant payment network and land in the account, with no collection trip required.

The exact amount received and the time it takes to arrive can both vary, since exchange rates, incoming bank fees, and the payment network used all play a role. Understanding these factors in advance, and collecting accurate account details before sending, makes the process smoother for everyone involved. Confirming the details before sending is a genuinely important step, since corrections after a transfer has been initiated can be difficult and slow.

This publication is provided for general information purposes only and is not intended to cover all aspects of the topics discussed herein. This publication is not a substitute for seeking advice from an applicable specialist or professional. The content in this publication does not constitute legal, tax, or other professional advice from Remitly or any of its affiliates and should not be relied upon as such. While we strive to keep our posts up to date and accurate, we cannot represent, warrant, or otherwise guarantee that the content is accurate, complete, or up to date.